The crypto market experienced a significant downturn, with potential losses exceeding $10 billion. Bybit's CEO Ben Zhou highlighted the importance of accurate liquidation data reporting.
API Issues and Underrated Losses
Coinglass reported $2.3 billion in liquidations, but Ben Zhou from Bybit noted that his platform alone experienced $2.1 billion in losses over 24 hours. The main reason for inaccuracies was API limitations, which only showed $333 million in losses.
How API Limits Masked the Crash
Exchanges use API systems to provide real-time data, but information volume limits can leave platforms with incomplete data. This happened with Bybit, where only 16% of liquidations were reported by Coinglass. Zhou announced a commitment to push all liquidation data for transparency.
Biggest Crypto Market Liquidation Ever?
According to Kobeissi Letter, this liquidation may be the largest in crypto history. The market drop was triggered by tariffs introduced by US President Donald Trump. Altcoins took the hardest hit, while Bitcoin showed relative stability.
Recent events in the crypto market have highlighted the importance of transparency and precise data. The recent liquidations underscore the need to improve liquidation reporting on crypto exchanges.
